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How to Draw Support and Resistance Like a Pro! Support and Resistance are one of the most important aspects of technical analysis but often I see traders doing it wrongly. How to Draw Support and Resistance: Imagine you have a chart filled with SR like the one below. Do you know which levels to pay attention to? When you’re about to start, how to plot support and resistance lines? It’s filled with nothing but lines and it doesn’t seem to make much meaning of the chart at all. nah My approach to drawing Support and Resistance uses either 1 line or 2 lines. It is much cleaner and immediately tells you which area of the chart to pay attention to. I use a single line when price respect a level almost to the pip and i use 2 lines when price bounces off an area. I highlight only the key Support and Resistance of a chart meaning the obvious swing highs and lows. The intermediate SR i will not draw any lines so as to maintain my focus on the key areas. Besides, with enough screen time you can easily identify those intermediate Support and Resistance without any lines. real world… You must keep in mind of the R.S.M. formula. These three things stands for: Reaction Setup Management Now take notes because this is important… Reaction Here’s the truth: Drawing support and resistance lines aren’t the holy grail.
NSE:BANKNIFTYEducation
by EmpireCrown
EXIDEIND Support & Resistance #EXIDEIND Trend: Strong uptrend from January to June 2024, followed by a corrective phase. Currently consolidating with signs of a potential reversal. Chart Pattern: Double Bottom pattern with a breakout above ₹490, signaling a possible trend reversal. Candlestick: Strong bullish candle today (+5.42%) with no upper wick, indicating strong buying pressure. Price Action: Support found at 460. Breakout above ₹490 shows buyer strength and momentum. Volume: Significant volume spike (13.69M), confirming the breakout strength. Buy Entry: Consider buying around ₹490-500 for potential upside. Stop Loss: Set a stop loss below 460 (key support level). Target: Initial target around 540, with potential to reach *580-1600 if momentum continues.
NSE:EXIDEINDLong
by SkyTradingZone
PRAJIND // level // D #PRAJIND Current Price: *801.55 Trend: Bullish breakout after a consolidation phase, indicating strong upward momentum. Chart Pattern: Breakout from *760, showing potential for further gains. Support Levels: *760 and *720. Resistance Levels: *825 and *850. Volume: High at 13.356 million, well above the 15-day average (~3-4 million), signaling strong buying interest. Recommendation: Buy near ₹780-800 with a target of ₹850 and stop-loss at *750 for a swing trade.
NSE:PRAJINDLong
by SkyTradingZone